Bombay H.C : Whether, on the facts and in the circumstances of the case, the assessee is entitled to interest on the amount found refundable to the assessee as a result of the order in revision passed by the CIT on February 10, 1971 ?

Counsel Appeared

G.S. Jetly, M. Singh & K.C. Sidhwa, for the Revenue : Sunil Mandloi, Dinesh Vyas, Subhash Shetty & Prem Tripathi, for the Assessee

S.P. BHARUCHAM, J.:

This reference at the instance of the Revenue raises the following question :

“Whether, on the facts and in the circumstances of the case, the assessee is entitled to interest on the amount found refundable to the assessee as a result of the order in revision passed by the CIT on February 10, 1971 ? “

2. Counsel are agreed that the answer to the question is governed by the Full Bench decision of this Court in CIT vs. Carona Sahu Co. Ltd. (1984) 38 CTR (Bom) 219 : (1984) 146 ITR 452 (Mad), and that the question must be answered in the negative and in favour of the Revenue.

3. The question is so answered. No order as to costs.

[Citation : 177 ITR 41]